Citigroup raises regional property fund

Citigroup Property Investors raises $1.29 billion for a regional real estate fund.
Citigroup Property Investors (CPI) announced Wednesday that it has raised $1.29 billion for its first fund to invest in real estate and related assets in the Asia-Pacific region, with a focus on China and India.

CPI, a unit of Citigroup, says that the investment team is committing $200 million of capital to the CPI Capital Partners Asia Pacific, L.P. fund. The fund will be managed by a Hong Kong-based team of more than 25 employees under the leadership of managing director David Schaefer. Citi says that 40% of the fund has already been invested or pledged.

"We are very pleased with the closing of CPI Capital Partners Asia Pacific. We received strong investor interest for the fund," says Joseph Azrack, president and chief executive officer of CPI. "Asia is a compelling market for private equity real estate investments.ö

Citigroup Property Investors is a global investment manager with more than $9.8 billion in assets under management. It invests across both private and public markets.
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